The landmark agreement ends litigation and establishes a common goal to promote and grow the game globally for the benefit of all stakeholders.
Today, the PGA TOUR, DP World Tour, and the Public Investment Fund (PIF) announced a historic agreement to unify the game of golf globally. The signed agreement combines PIF’s golf-related commercial businesses and rights, including LIV Golf, with the commercial businesses and rights of the PGA TOUR and DP World Tour. The new, collectively owned, for-profit entity aims to ensure all stakeholders benefit from a model that delivers maximum excitement and competition among the game’s top players.
To facilitate the new entity’s growth and success, PIF will make a capital investment. The entity, yet to be named, will implement a plan to grow these combined commercial businesses, drive greater fan engagement, and accelerate growth initiatives already underway. With LIV Golf in its second groundbreaking season, the PGA TOUR, DP World Tour, and PIF will collaborate to feature and grow team golf going forward.
The announcement also marks a mutually agreed end to all pending litigation between the participating parties. Furthermore, the three organizations will work cooperatively and in good faith to establish a fair and objective process for players wishing to re-apply for membership with the PGA TOUR or the DP World Tour after the 2023 season. They will also determine fair criteria and terms of re-admission, consistent with each Tour’s policies.
PGA TOUR Commissioner Jay Monahan praised the transformative partnership, stating that it recognizes the immeasurable strength of the PGA TOUR’s history, legacy, and pro-competitive model. The partnership combines the DP World Tour and LIV Golf, including the team golf concept, to create an organization benefiting golf’s players, commercial and charitable partners, and fans. Monahan also lauded PIF Governor Yasir Al-Rumayyan for his vision and collaborative approach, which aims to take the game to new heights.
PIF Governor Yasir Al-Rumayyan shared his excitement for the partnership, emphasizing their commitment to unifying, promoting, and growing the game of golf around the world. He also acknowledged the positive impact of the LIV model on golf and expressed optimism about the game’s evolution while maintaining its storied history and tradition.
Under the agreement, the new entity’s Board of Directors will oversee and direct all golf-related commercial operations, businesses, and investments. The entity will work to ensure a cohesive schedule of events that excites fans, sponsors, and stakeholders. PIF will initially be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf, and the DP World Tour. Moving forward, PIF will have the exclusive right to further invest in the new entity, including a right of first refusal on any capital invested in the PGA TOUR, LIV Golf, and DP World Tour. The PGA TOUR will appoint a majority of the Board and hold a majority voting interest in the combined entity.
Separately, PGA TOUR Inc. will remain a 501(c)(6) tax-exempt organization and retain administrative oversight of events for assets contributed by the PGA TOUR. This includes the sanctioning of events, administration of competition and rules, and all other “inside the ropes” responsibilities. Jay Monahan will continue as Commissioner, with Ed Herlihy as PGA TOUR Policy Board Chairman. PIF’s Governor Yasir Al-Rumayyan will join the PGA TOUR Policy Board. The DP World Tour and LIV Golf will retain similar administrative oversight of events on their respective Tours.
The new commercial entity’s Board of Directors will include Al-Rumayyan as Chairman and Monahan as Chief Executive Officer. An Executive Committee will comprise Al-Rumayyan, Monahan, Herlihy, and PGA TOUR Policy Board member Jimmy Dunne. The full Board will be announced later, with representation anticipated from all three founding members.
Keith Pelley, Chief Executive of the DP World Tour, expressed delight in reigniting their relationship with PIF and building on their current Strategic Alliance partnership with the PGA TOUR. He stated that the partnership positions them to continue bringing the game to all corners of the globe and influencing the growth of the game for all DP World Tour members.
All parties will work in the coming months to finalize the agreement terms, with details to be announced in due course.
